{"F": {"ts_code": "600487.SH", "name": "亨通光电", "mkt": "CN", "ccy": "元", "sw1": "通信", "sw2": "通信设备", "sw3": "通信线缆及配套", "ind": "通信设备", "fin_source": "tushare", "market": "主板", "list_date": "20030822", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 62.22, "pe_ttm": 36.654, "pb": 4.5527, "dv_ttm": 0.4379, "total_mv": 15345892.8906, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [16.4, 16.0, 14.2, 15.3, 13.2, 12.5], "rev_series": [323.8, 412.7, 464.6, 476.2, 599.8, 668.5], "np_series": [10.6, 14.4, 15.8, 21.5, 27.7, 26.8], "roe_series": [6.3, 7.0, 7.1, 8.7, 10.2, 8.9], "period": "20260630", "rev_ttm": 768.3, "np_ttm": 41.9, "ocf_ttm": 19.4, "fcf_ttm": -16.4, "fcf_yield": -1.1, "ocf_yield": 1.3, "gm_median": 14.2, "gm_std": 1.3, "gm_stab": 0.91, "gm_chg_2022": -2.2, "npm_median": 4.3, "roe_median": 8.7, "commodity": false, "hard_ratio": 18.2, "fix_assets": 141.6, "goodwill_ratio": 0.8, "pb_calc": 4.55, "capex_dep": 2.73, "interest_debt": 187.6, "debt_ebitda": 2.6, "debt_ratio": 52.4, "debt_mv": 12.2, "payout": 20.2, "div_years": 5, "rev_cagr3": 12.9, "np_cagr3": 19.2, "rev_yoy": 31.1, "np_yoy": 93.4, "np_vol": 15.4, "loss_years": 0, "far_share": 86.0, "earn_yield": 2.7, "consensus_n": 14, "fwd_pe": 20.3, "fwd_pe2": 16.7, "fwd_g1": 80.0, "fwd_g2": 22.0, "peg": 0.92, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 49.0], ["其他业务", 1.0]], "ret_prev_year": 46.3, "ret_prev2_year": 48.1, "ret_ytd": 154.4, "ret_pivot": 346.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.5, "ret_60": -39.1, "ret_120": 25.9, "ret_250": 212.0, "mdd_250": -61.5, "vol_250": 73.5, "pos_52w": 50.7}, "S": {"duration": 60, "pricing": 45, "hard": 29, "bondness": 25}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 36.7 倍、股息率 0.4%、毛利率近 5 年中位 14.2%、固定资产占比 18%、有息负债/EBITDA 2.6 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 18%,毛利率近 5 年中位 14.2%。", "加息期怎么走": "按行业与估值常规看,没有明确的利率方向性。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -1.1%(经营现金流/市值 1.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 14.2%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -2.2 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 18%,资本开支/折旧 2.73 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 36.7 倍 粗算,约 86%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 212%,最大回撤 -62%,年化波动 74%,现价在 52 周高点的 51%;近 20 / 60 / 120 日 4% / -39% / 26%。", "行业对照": ["同申万二级「通信设备」89 家中位:PE 84.6 / 股息率 0.3% / 毛利率 29.1% / 固定资产占比 14% / 分红率 41%。", "亨通光电:PE 比行业中位低 47.9倍;股息率 比行业中位高 0.1个百分点;毛利率 比行业中位低 14.9个百分点;固定资产占比 比行业中位高 4.0个百分点。"]}}